Tips and Tricks for Succeeding in the FinTech Industry
Financial Technology, or FinTech, is a growing industry. Current estimates suggest that the industry could expand by nearly $600 billion by 2030, creating millions of job opportunities with excellent earning potential.
Yet, few business professionals are adequately trained for the technically demanding work required in the FinTech field. Before pivoting into FinTech, professionals need to gain knowledge and skill related to finance and technology — and here is how to do that successfully.
Develop a Passion for FinTech
Passion is not essential for any career — but it certainly helps. When a professional has an internal drive like passion pushing them into a field, that professional is more likely to perform better over the course of their career and less likely to experience burnout, resulting in more significant career gains. FinTech is attractive to many members of the workforce due to its high potential earnings, but not everyone has the passion that will allow them to survive and thrive in this highly technical field.
Professionals who do not already have a passion for FinTech might develop one by participating in FinTech courses, where they can come to understand different aspects of the industry. Finding a purpose within the FinTech field and investing in self-care throughout one’s career are good ways to keep passion burning after it has sparked.
Build Credibility in the Field
Some fields within the technology sector are approachable for beginners, and a few entry-level positions in FinTech can be acquired with little to no experience. However, it will be essentially impossible for any professional to advance up the FinTech career ladder without credibility. Professionals should work toward reputable certifications that demonstrate certain levels of knowledge and skill. Certifications can be gained through online courses and through exams offered from FinTech associations and agencies.
Networking can also help to increase a worker’s credibility, as connections in FinTech can lead to lucrative positions higher in the organizational structure. Professionals should strive to develop relationships with their immediate coworkers and managers, and reaching out to industry influencers on social media sites like Twitter and LinkedIn can also have positive results.
Investigate Ongoing FinTech Issues
FinTech is rapidly changing as new technologies emerge and evolve. Professionals eager to advance through FinTech should plug into the news and opinions of the day and track ongoing trends in the industry. Some methods of remaining abreast of current FinTech events include:
Blogs. FinTech experts tend to publish regular blog posts commenting on the nature of some recent issues in the industry. Some of the most highly rated FinTech blogs include:
- Faisal Khan
- Tom Groenfeldt
- Jessica Ellerm
Podcasts. Also typically hosted by industry experts, podcasts can provide some of the same industry information in a more convenient and enjoyable format. Some popular FinTech podcasts include:
- For FinTech’s Sake
- FinTech Futures
Be Willing to Experiment
FinTech is a young industry, and many of the advances being made are by professionals willing to experiment with new processes and products. Innovation and disruption are rampant across FinTech, and to find success, professionals need to be willing to take (calculated) risks. This can mean jumping from employer to employer to find an organization with the right mission and values, and it can mean pushing forward on a project that could create new value. Regardless, no one should enter the FinTech industry without a readiness to experiment.
Engage With and Listen to Customers
An understanding of tech and/or finance can be essential for some roles within FinTech organizations, but every position requires professionals to listen to customer needs and wants. Every industry is ultimately driven by consumer demand; even if a new FinTech product is incredibly efficient, if it does not satisfy some consumer desire, it will not be valuable to customers or organizations. Remaining invested in ongoing FinTech news can help professionals in this space connect to consumer trends, but professionals should also find ways to communicate directly with their customers, via customer support, surveys, social media and more.
Think Ahead to Future Challenges
Though FinTech is maturing, it is by no means set in stone. Professionals eager to succeed in FinTech today need to consider how the industry will change in the near and distant future. By building a strong foundation in FinTech through continued education and networking, professionals will be prepared for oncoming challenges in the field and find growth within and alongside this incredible industry.